Opportunities and Risks in Digital Financial Services: Protecting Consumer Data and Privacy
The Eighth Annual Responsible Finance Forum was hosted on April 27-28 by the German Federal Ministry for Economic Cooperation and Development (BMZ), preceding the Forum and Plenary of the G20 Global Partnership for Financial Inclusion (GPFI) on 2-4 May 2017 in Berlin. The Forum was co-organized by The Better Than Cash Alliance (BTCA), Consultative Group to Assist the Poor (CGAP), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, International Finance Cooperation (IFC), United Nations Capital Development Fund (UNCDF) and the World Bank.
The Forum focused on customer data protection and privacy issues against the background of the continuous, rapid digitization in the financial sector and the changing landscape of financial service providers. The current advances in data-enabled financial services delivery raise important opportunities and risks for low-income consumers in developing countries, as new types of data are used on a new, massive scale and new business models depend on the use and commercialization of data in a new fashion.
- Opportunities and Risks of Data-Enabled Digital Financial Services: Two Sides of the Same Coin
- Innovations and Predictive Models for Business Growth: Advancing Data Privacy and Security
- Effective Data Privacy Regulation and Supervision for Digital Financial Services
- Industry Approaches to Data Privacy and Protection
- Algorithms, Anonymization and APIs: Everything You Wanted to Know About Big Data But Were Afraid to Ask
- Policy, Regulation and Supervision – Participants discussed ways to close data and knowledge gaps and identify action areas for effective and evidenced-based policy, regulation and supervision.
- Industry Standards – Participants explored industry trends, opportunities and emerging solutions through private and public sector initiatives towards data privacy and protection practices across different digital channels including payments, agent network partnerships, FinTech, InsurTech and other business models.
- Consumer Perspectives and Attitudes – Participants discussed consumer attitudes and perspectives towards data privacy, reasonable expectations of consumers in terms of protecting their data (e.g., Is “informed consent” appropriate? What are the alternatives?) and will identify approaches to enable consumers to understand and make decisions regarding their data.
- Strategic Collaboration with Development Partners and Investors – Participants explored collaboration and cooperation across public and private sector leaders and how development partners and investors can advance this cooperation. How can global partnerships be more effective and nimble given the pace of technological developments in responsible digital financial inclusion? How can risks be managed more systematically to reinforce customer trust through improved customer data privacy and protection?